Your score determines your interest rate. You can get free weekly reports at AnnualCreditReport.com . If your score is low, focus on paying down credit card balances and avoiding new debt.
You aren't just saving for a down payment (which can be as low as 3–3.5% for FHA loans ), but also closing costs , which typically run between 2% and 5% of the purchase price. 2. Lock in a Pre-Approval all about buying a house for the first time
Ideal for lower credit scores and smaller down payments. Your score determines your interest rate
Once you have your budget, it’s time for the fun (and sometimes stressful) part: house hunting. Common Mistakes When Buying a House for the First Time You aren't just saving for a down payment
You'll need W-2s from the last two years, recent pay stubs, and two months of bank statements. Choose Your Loan: Conventional: Great for those with higher credit.
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